{"id":437,"date":"2014-05-01T14:57:29","date_gmt":"2014-05-01T21:57:29","guid":{"rendered":"http:\/\/www.thomaspalley.com\/?p=437"},"modified":"2018-12-11T21:02:13","modified_gmt":"2018-12-12T04:02:13","slug":"more-on-the-mainstream-not-wonkish","status":"publish","type":"post","link":"https:\/\/thomaspalley.com\/?p=437","title":{"rendered":"More on the mainstream (not wonkish)"},"content":{"rendered":"<p><a href=\"http:\/\/krugman.blogs.nytimes.com\/2014\/05\/01\/hangups-of-the-heterodox-vaguely-wonkish\/?module=BlogPost-Title&amp;version=Blog%20Main&amp;contentCollection=Opinion&amp;action=Click&amp;pgtype=Blogs&amp;region=Body\" target=\"_blank\" rel=\"nofollow\">Paul Krugman wrote a reply<\/a> to my two postings (<a href=\"http:\/\/www.thomaspalley.com\/?p=425\" target=\"_blank\" rel=\"nofollow\">Part 1<\/a> and <a href=\"http:\/\/www.thomaspalley.com\/?p=432\" target=\"_blank\" rel=\"nofollow\">Part 2<\/a>) on the flimflam of mainstream economics. Below is my response to Paul that was posted as a comment on his <em>Conscience of a Liberal<\/em> website. I am posting it because I think it sheds more light on the failings of so-called New Keynesianism.<\/p>\n<p>Dear Paul,<\/p>\n<p>I enjoy what you write and have great admiration for your work, but this piece is unfair.<\/p>\n<p>(1) Here is an article of mine on what you term the paradox of flexibility, published in 2008 and extending James Tobin\u2019s seminal paper on <a href=\"http:\/\/dido.wss.yale.edu\/P\/cp\/p04a\/p0428.pdf\" target=\"_blank\" rel=\"nofollow\">\u201cKeynesian Models of Recession and Depression\u201d<\/a>.<\/p>\n<p><a href=\"http:\/\/www.peri.umass.edu\/fileadmin\/pdf\/working_papers\/working_papers_151-200\/WP169.pdf\" target=\"_blank\" rel=\"nofollow\">\u201cKeynesian Models of Deflation and Depression Revisited,\u201d Journal of Economic Behavior and Organization, 68 (October 2008), 167 &#8211; 77<\/a>.<\/p>\n<p>(2) I do not think I am misportraying you. Your own macroeconomic framework seems unconvincing to me as a description of a capitalist economy, being Keynesian at the zero lower bound and classical the rest of the time. I think of Keynesianism as being a macroeconomic theory that applies at all times. But these are issues that require more space for discussion.<\/p>\n<p>Best,<\/p>\n<p>Tom<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Paul Krugman wrote a reply to my two postings (Part 1 and Part 2) on the flimflam of mainstream economics. Below is my response to Paul that was posted as a comment on his Conscience of a Liberal website. I am posting it because I think it sheds more light on the failings of so-called [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,7],"tags":[],"class_list":["post-437","post","type-post","status-publish","format-standard","hentry","category-economics","category-political-economy"],"_links":{"self":[{"href":"https:\/\/thomaspalley.com\/index.php?rest_route=\/wp\/v2\/posts\/437","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thomaspalley.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thomaspalley.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thomaspalley.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thomaspalley.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=437"}],"version-history":[{"count":6,"href":"https:\/\/thomaspalley.com\/index.php?rest_route=\/wp\/v2\/posts\/437\/revisions"}],"predecessor-version":[{"id":1563,"href":"https:\/\/thomaspalley.com\/index.php?rest_route=\/wp\/v2\/posts\/437\/revisions\/1563"}],"wp:attachment":[{"href":"https:\/\/thomaspalley.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=437"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thomaspalley.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=437"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thomaspalley.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}